PRESS RELEASE: IMS GROUP PURCHASES OCEANSAVER ASSETS

PRESS RELEASE:
IMS GROUP PURCHASES OCEANSAVER ASSETS

21st September, 2017

On September 20th IMS group signed a purchase agreement with the OceanSaver Trustee to acquire all intellectual property, certificates and assets after OceanSaver’s bankruptcy filed on September 13th 2017.

OceanSaver has been a well-recognized supplier of ballast water treatment systems for ocean-going vessels in accordance with UN’s Ballast Water Treatment Convention. OceanSaver was among the first suppliers to be approved by IMO, to successfully complete the stringent test regime by the US Coast Guard and to obtain a USCG type approval in December 2016.

In July, the International Maritime Organization (IMO) decided to postpone the implementation of the ballast water convention by two years, delaying it to 2019. The delay has had a major impact on the market for retrofitting ballast treatment systems. In addition, the ship newbuilding activity continues to be low, and the combination has led to significant downward pressure on prices and uptake of ballast water treatment systems.

OceanSaver has sold approximately 200 ballast water treatment systems. Some key features of OceanSaver systems are:
• USCG approved without operational limitations on December 23rd 2016, as the first electro chlorination maker in the world.
• Identical system operation and performance in US – and outside US waters.
• No minimum ballast water holding time requirement.
• Gravity de-ballasting
• Patented C2E high efficiency disinfection dosage system.
• Patented electrodialysis process where hydrogen produced is prevented from entering ship’s ballast system.
OceanSaver ballast water treatment systems will be a valuable extension to our product range and fit right into our existing sales, service and manufacturing setup which is already geared towards commercial vessels built at yards worldwide.

-We think it is of significant added value for customers that the ballast water treatment product range is integrated into an already profitable and sustainable business with several maritime products. We would therefore not be dependent on a steady market, but will be able to adjust quickly, both with production capacity and personnel, says Roy Langseth, CEO of the IMS group.

This will provide stability and reliability for ship owners who plan to invest in ballast water treatment systems, one singular point of service for yards, as well as synergies between product ranges and a streamlined service organization for us as a maker he adds.

The product will be sold and manufactured at TeamTec, which is a company in the IMS group.

-OceanSaver has now a unique and well tested technology, and we are proud to have this product as a part of our portfolio, says Olav Voie, CEO of TeamTec AS.

Contact persons:Roy Langseth, CEO IMS group, phone +47 926 67 007, rla@imsgroup.no
Olav Voie, CEO TeamTec AS, phone +47 911 69 684, olv@teamtec.no
Olaf Evjen Olsen, Chief Marketing Officer +47 948 07 838, oeo@teamtec.no
About IMS group
IMS group AS is a family owned Norwegian group of companies focusing on leading technological solutions for the offshore and marine market. IMS Group is headquartered in Risør in the south of Norway. IMS have six factories in Norway, and app. 280 employees. It is the world-leading supplier of watertight doors, safety windows, and fire-rated doors and windows, with independent offices in Norway, USA, Germany, Singapore, Vietnam, China – and several agents worldwide representing the group.

About TeamTec
TeamTec AS is one of the world leaders in manufacturing and sales of marine waste incinerating systems and stripping ejectors: TeamTec has presence in all major shipbuilding markets and has established a global sales and service organization. The company is a member of, and fully owned by, IMS group and is a very well recognized name in the maritime industry. It was founded in 1984 and has it‘s headquarter in Tvedestrand, Norway. To comply with upcoming regulations on sulfur emission, TeamTec has teamed up with the Austrian air pollution control specialists to market the Andritz SeaSOx Scrubbers, including after-sales services.

About OceanSaver
Headquartered in Drammen Norway, 40 km from Oslo, with employees from the marine supply business, the company has been a leading supplier with unique know-how, competence and hands-on experience of ballast water treatment systems. OceanSaver holds several patents and was among the first suppliers to be approved by IMO and to successfully complete the stringent test regime by the US Coast Guard and obtained a USCG type approval in December 2016.
DisclaimerIn so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Companies mentioned in this press release assume no obligation to update the forecasts, expectations or statements contained in this release.